“If there’s a bonding requirement from either the contractor or their general contractor as part of the issuance of the bond,” he said, “the contractor’s surety is usually going to want to see some kind of evidence of financing before assuming the risk and issuing the bond....
Understanding the parties involved in payment bonds is key to comprehending how they function. A payment bond involves three parties: the principle, the surety and the obligee. The principal:Usually a general contractor on a project, theprincipalis the party whose ability to pay subcontractors and...
of stain on your deck, you will have to strip it before applying the new stain or sealer. A stripper makes it easier to remove the old stain by weakening the bond between the stain and wood particles. The old stain can then be easily removed by using a pressure washer or scrub brush....
Bid Bond Abid bond, provided by a surety company, is the most common form of bid security used in construction in the U.S. A bid bond provides assurance to the project owner that if the contractor is chosen, they will accept the contract award. ...
However, the most important thing governing the use of retainage on a project is always going to be the contract between the owner and the general contractor, or that between the contractor and the subcontractor. Stay updated on what’s happening in construction. ...
How a Surety Team Prevents and Remedies Contractor Default: For Contractors and Lenders, Surety Underwriters and Surety Bond Producers Are a Valuable Resource. Their Experience and Knowledge Can Help Contractors Avoid Extreme Risks and Overcome Challenges...
Dependent care FSA: A dependent care FSA allows employees to set aside pre-tax dollars to pay for qualified dependent care expenses such as child care or adult daycare. In both cases, there are limits to how much you can deposit, and money may be forfeited if not used by the end of th...
A performance bond is a financial guarantee to one party in a contract against the failure of the other party to meet its obligations. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes de...
Here's how it works. The principal is responsible for securing the surety bond, which must abide by certain conditions, including the total amount owed. If the principal defaults or breaks the contract, the obligee, who is owed the money, can file a claim seeking restitution. The surety (...
cab driver’s license. They then go to the cab company as an independent contractor and lease a vehicle for about $150 per shift, which can last between 10 and 12 hours. This lease amount varies depending on the day of the week and whether or not it is a daytime or an overnight ...